Economics
South African Rand Tumbles to Record Against Dollar, Euro
- Emerging market currencies from real to lira decline
- Rand extends losses against dollar to 18% so far this year
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South Africa’s rand tumbled to a record against the dollar and euro and traded near its lowest levels against the pound as renewed concerns over China’s growth weighed on the currencies of emerging markets.
The rand weakened to as low as 14.0813 per dollar and was trading 1.4 percent weaker at 14.0555 by 3:34 p.m. in Johannesburg during a public holiday. It fell 2 percent to 15.8142 per euro and declined 1.4 percent to 21.4315 per pound.